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Our Bureau

Hyderabad , June 24

THE Securities and Exchange Board of India has cleared the rights-cum-public issue application of the Hyderabad-based Southern Online Bio Technologies Ltd (SBT).

In a press release here, the SBT Managing Director, Mr N. Satish Kumar, said the company now plans to open the issue sometime in August.

The size issue is Rs 17.1 crore, of which, Rs 3.26 crore would be raised through rights issue and Rs 13.84 crore through public issue.

The promoters are investing Rs 1.04 crore in the rights issue to the extent of their eligibility and Rs 2.77 crore in public issue, according to Mr Satish Kumar.

The company proposes to utilise the proceeds for the implementation of the country's first commercial-scale bio-diesel production unit of 10,000-tonnes-a-year capacity coming up near Hyderabad at Samsthan Narayanpur.

The unit would be ready for commercial production before the end of February, Mr Satish Kumar said.

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